Another community bank rollup as Park Sterling buys Provident Community

|About: Provident Community Banc... (PCBS)|By:, SA News Editor

The total transaction value will be about $6.5M with Provident Community Bancshares (PCBS) owners receiving $0.78 per share (vs. last night's close of $0.31) and the U.S. Treasury being paid for its holdings of preferred stock in the bank.

Upon closing, Park Sterling (PSTB) will have about $2.3B in assets, $1.9B in deposits, $1.4B in loans, and a network of 54 offices in the Carolinas, Virginia, and North Georgia.